The three-time Asian Tour winner backed up his opening round 64 at the Millbrook Resort with another similar effort on the second day to enjoy the outright lead with a two-day total of 15-under-par 128.
Australians dominated the leaderboard with Daniel Nisbet and Callan O'Reilly sharing the second place with identical totals of 129.
O'Reilly, who finished tied-15th at the New Zealand Open last year, inked his name into the record books when he posted a sensational 61 to set a new course record.
Asian Tour Qualifying School graduate Travis Smyth secured fourth place with a 67 while overnight co-leader Jarin Todd of the United States slipped to a share of eighth place following a 70.
Thailand's Pavit Tangkamolprasert will head into the weekend rounds five shots back of Pikadaris after he signed for a 67 to take a share of 16th place that also included Scotland's Simon Yates and Paul Peterson of the United States.
The weekend cut was set at seven-under-par which is also the lowest cut on the Asian Tour.
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